SIC Insurance Co (XGHA:SIC) Beneish M-Score: -2.82 (As of Jun. 25, 2026)


XGHA:SIC SIC Insurance Co Ltd XGHA:SIC
57 GF Score
Price GHS6.05
GF Value GHS0.57
Valuation Significantly Overvalued
! 1 Warning Sign
View Full Analysis

What is SIC Insurance Co Beneish M-Score?

SIC Insurance Co XGHA:SIC -0.66% 57 Beneish M-Score is -2.82 as of Jun. 25, 2026. GuruFocus rates XGHA:SIC with a GF Score™ of 57/100 and a GF Value™ of GHS0.57 (Significantly Overvalued). The stock has 1 warning sign investors should review. Among 397 Insurance companies, SIC Insurance Co ranks better than 79.6% on this metric.

Note: Financial institutions were excluded from the sample in Beneish paper when calculating Beneish M-Score. Thus, the prediction might not fit banks and insurance companies.

The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.82 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for SIC Insurance Co's Beneish M-Score or its related term are showing as below:

XGHA:SIC' s Beneish M-Score Range Over the Past 10 Years
Min: -3.16   Med: -2.5   Max: -0.69
Current: -2.82

During the past 13 years, the highest Beneish M-Score of SIC Insurance Co was -0.69. The lowest was -3.16. And the median was -2.50.

XGHA:SIC
57GF Score
SIC Insurance Co Ltd XGHA:SIC
Beneish M-Score is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

SIC Insurance Co Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of SIC Insurance Co for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.3985+0.528 * 1+0.404 * 0.859+0.892 * 1.588+0.115 * 1.6851
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 1+4.679 * -0.092269-0.327 * 0.6965
=-2.82

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec24) TTM:Last Year (Dec23) TTM:
Total Receivables was GHS49.4 Mil.
Revenue was GHS466.3 Mil.
Gross Profit was GHS466.3 Mil.
Total Current Assets was GHS0.0 Mil.
Total Assets was GHS1,115.7 Mil.
Property, Plant and Equipment(Net PPE) was GHS318.0 Mil.
Depreciation, Depletion and Amortization(DDA) was GHS13.0 Mil.
Selling, General, & Admin. Expense(SGA) was GHS0.0 Mil.
Total Current Liabilities was GHS0.0 Mil.
Long-Term Debt & Capital Lease Obligation was GHS4.1 Mil.
Net Income was GHS53.7 Mil.
Gross Profit was GHS1.1 Mil.
Cash Flow from Operations was GHS155.6 Mil.
 Total Receivables was GHS78.1 Mil.
Revenue was GHS293.6 Mil.
Gross Profit was GHS293.6 Mil.
Total Current Assets was GHS0.0 Mil.
Total Assets was GHS899.8 Mil.
Property, Plant and Equipment(Net PPE) was GHS150.8 Mil.
Depreciation, Depletion and Amortization(DDA) was GHS10.7 Mil.
Selling, General, & Admin. Expense(SGA) was GHS0.0 Mil.
Total Current Liabilities was GHS0.0 Mil.
Long-Term Debt & Capital Lease Obligation was GHS4.8 Mil.

1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Total Receivables in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(49.415 / 466.286) / (78.087 / 293.635)
=0.105976 / 0.265932
=0.3985

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(293.635 / 293.635) / (466.286 / 466.286)
=1 / 1
=1

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (0 + 317.981) / 1115.731) / (1 - (0 + 150.848) / 899.831)
=0.715002 / 0.83236
=0.859

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=466.286 / 293.635
=1.588

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(10.712 / (10.712 + 150.848)) / (13.024 / (13.024 + 317.981))
=0.066304 / 0.039347
=1.6851

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(0 / 466.286) / (0 / 293.635)
=0 / 0
=1

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((4.136 + 0) / 1115.731) / ((4.789 + 0) / 899.831)
=0.003707 / 0.005322
=0.6965

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(53.744 - 1.081 - 155.61) / 1115.731
=-0.092269

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

SIC Insurance Co has a M-score of -2.82 suggests that the company is unlikely to be a manipulator.

Frequently Asked Questions Learn more about Beneish M-Score →
What does a Beneish M-Score of -2.82 mean?
SIC Insurance Co (XGHA:SIC) has a Beneish M-Score of -2.82 as of Jun. 25, 2026. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SIC Insurance Co and its competitors. According to the industry distribution chart, SIC Insurance Co ranks #81 out of 397 companies in the Insurance industry, placing it in the top 20.4%.
Is SIC Insurance Co's Beneish M-Score too high?
SIC Insurance Co's current Beneish M-Score is -2.82. Based on the distribution chart, SIC Insurance Co ranks #81 out of 397 companies in the Insurance industry, which is in the top quartile — a strong position relative to peers. Overall, SIC Insurance Co has a GF Score™ of 57/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does SIC Insurance Co's Beneish M-Score compare to CB and PGR?
According to the Insurance industry distribution chart, SIC Insurance Co ranks #81 out of 397 companies for Beneish M-Score. This places SIC Insurance Co in the top 20% of its industry — outperforming the majority of peers. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Beneish M-Score for an Insurance company?
A good Beneish M-Score depends on the Insurance industry context. However, Beneish M-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Beneish M-Score mean?
A high Beneish M-Score can signal that a stock is expensive relative to its fundamentals. The Beneish M-score measures the likelihood of earnings manipulation. View historical data on SIC Insurance Co and its competitors. SIC Insurance Co's current Beneish M-Score is -2.82. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SIC Insurance Co stock overvalued right now?
Based on GuruFocus' analysis, SIC Insurance Co (XGHA:SIC) is currently considered Significantly Overvalued. The stock's GF Value™ is GHS0.57, compared to a current price of GHS6.05 — trading 961.4% above its estimated fair value. The current Beneish M-Score is -2.82. SIC Insurance Co's overall GF Score™ is 57/100 with 1 warning sign to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Beneish M-Score calculated?
Beneish M-Score is calculated from a company's financial statements. For SIC Insurance Co (XGHA:SIC), the current Beneish M-Score is -2.82 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is SIC Insurance Co (XGHA:SIC) Overvalued in 2026?

Based on GuruFocus' analysis, SIC Insurance Co stock appears to be overvalued. The current stock price of GHS6.05 is trading 961.4% above its estimated GF Value™ of GHS0.57. GuruFocus considers SIC Insurance Co to be Significantly Overvalued.

Key valuation signals for XGHA:SIC:

  • Beneish M-Score: -2.82
  • GF Value™: GHS0.57 vs. price of GHS6.05 (961.4% above fair value)
  • GF Score™: 57/100 with 1 warning sign

No single metric tells the full story. See the XGHA:SIC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

SIC Insurance Co Business Description

Address Ring Road East, Nyemitei House No.15, Osu, Accra, GHA
SIC Insurance Co Ltd is a Ghana-based insurance company. It offers non-life insurance products, including Motor insurance, Fire insurance, Marine and aviation insurance, Bonds, Engineering, and Accident insurance. Along with its subsidiaries, the company also issues a diversified portfolio of investment services to provide its customers with asset management solutions for their savings and retirement needs, as well as undertaking brokerage services and corporate finance. The firm operates in Ghana. The company generates the majority of its revenue from Fire Insurance.
57GF Score

Get the complete analysis for XGHA:SIC

Beneish M-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

GHS6.05
Price
GHS0.57
GF Value